{"id":347959,"date":"2021-09-30T19:37:55","date_gmt":"2021-09-30T16:37:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lordstown-motors-reportedly-selling-ohio-plant-to-foxconn\/"},"modified":"2021-09-30T19:37:55","modified_gmt":"2021-09-30T16:37:55","slug":"lordstown-motors-reportedly-selling-ohio-plant-to-foxconn","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lordstown-motors-reportedly-selling-ohio-plant-to-foxconn\/","title":{"rendered":"#Lordstown Motors reportedly selling Ohio plant to Foxconn"},"content":{"rendered":"<p>&#8220;<strong>#Lordstown Motors reportedly selling Ohio plant to Foxconn<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Electric vehicle startup Lordstown Motors on Thursday will announce the sale of the northeast Ohio assembly plant it acquired from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Motors to Taiwan contract manufacturer\u00a0Foxconn\u00a0, a person familiar with the matter said.<\/p>\n<p>The deal will be announced by the companies on Thursday afternoon, said the source, who asked not to be identified. Bloomberg earlier reported that Lordstown was in talks to sell the plant to\u00a0Foxconn\u00a0and that a deal could be announced this week.<\/p>\n<p>In August 2020, GM agreed to invest $75 million in Lordstown, which went public through a merger with DiamondPeak Holdings in a deal that valued the startup at $1.6 billion. GM\u2019s investment included the plant and equipment, which were valued at $20 million.<\/p>\n<p>Lordstown shares were up 8% in late morning trading.<\/p>\n<p>Foxconn\u00a0and Lordstown declined to comment when contacted by Reuters.<\/p>\n<p>Lordstown, which named a new chief executive in August, is working to launch its electric Endurance pickup truck while also looking to raise additional funding. The Ohio company also faces regulatory scrutiny.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Foxconn logo displayed on exterior of a building\" class=\"wp-image-19644314\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Lordstown shares were up 8% in late morning trading on reports it would be selling its Ohio plant to Taiwan tech firm Foxconn.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Lordstown had previously said it was in talks to build vehicles for other automakers or lease space in its factory. It uses only 30% of the plant\u2019s 6.2 million square feet.<\/p>\n<p>Foxconn, meanwhile, has been exploring possible sites to build EVs in the United States. The company had previously said it was in talks with Wisconsin about building EVs there.\u00a0Foxconn\u00a0and Fisker Inc said in May they had finalized a deal for\u00a0Foxconn\u00a0to build EVs for the EV startup.<\/p>\n<p>Lordstown\u2019s founder and largest shareholder, Steve Burns, resigned as chief executive in June following an internal investigation into claims made by short-seller Hindenburg Research.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Exterior overview of the Lordstown Motors factory\" class=\"wp-image-19644335\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Lordstown had previously said it was in talks to build vehicles for other automakers or lease space in its Ohio factory once owned by GM. It uses only 30% of the plant\u2019s 6.2 million square feet.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Lordstown faces probes by federal prosecutors in Manhattan and the U.S. Securities and Exchange Commission related to its merger with a special-purpose acquisition company (SPAC) and statements it previously made about preorders for its vehicles.<\/p>\n<p>GM announced its planned closure of the sprawling Lordstown plant in Northeast Ohio in November 2018 along with three other U.S. plants, drawing condemnation from then U.S. President Donald Trump and many U.S. lawmakers.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/30\/lordstown-motors-reportedly-selling-ohio-plant-to-foxconn\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Lordstown Motors reportedly selling Ohio plant to Foxconn&#8221; Electric vehicle startup Lordstown Motors on Thursday will announce the sale of the northeast Ohio assembly plant it acquired from General Motors to Taiwan contract manufacturer\u00a0Foxconn\u00a0, a person familiar with the matter said. The deal will be announced by the companies on Thursday afternoon, said the source,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":347960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/lordstown-reportedly-selling-plant-foxconn4.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[116784,73710,70462,72550,72938,70917],"class_list":["post-347959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-30-21","tag-automotive-companies","tag-electric-cars","tag-general-motors","tag-sales","tag-startups"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/347959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=347959"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/347959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/347960"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=347959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=347959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=347959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}